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One of the most popular programs in Australia last year was Struggle Street, a series about the poor Sydney neighbourhood of Mount Druitt. It beat other reality TV shows and was the most-watched show in Sydney. It depicted poverty, alcoholism and drugs. The show was condemned by some as “poverty porn” before the broadcast but received a strong response upon broadcast and trended on Twitter around the country. Prices in Mount Druitt are up over 50% since 2012 and in neighbouring Rooty Hill they are also up 50% since 2012.
In Australia, even the poor and drug-dependent can be property millionaires.
Mortgage Business Deferred loans dip below 2 per cent: APRA By Malavika Santhebennur 02 February 2021
The majority of loans on repayment pauses are made up of housing loans, while less than 2 per cent of all loans have remained in deferral.
Data from the Australian Prudential Regulation Authority (APRA) on temporary loan repayment deferrals due to the coronavirus pandemic has shown that as at 31 December 2020, a total of $51 billion worth of loans are on temporary repayment deferrals, which is around 1.9 per cent of total loans outstanding.
This has decreased from November 2020, when 2.3 per cent – or $60.3 billion – worth of loans were on deferrals across Australia.
The vacancies at the top are an opportunity to revamp the operations of the corporate watchdog by injecting some business know-how into its governance.